Asahi Kasei to Build EV Battery Plant in Canada to Supply Key Parts to Honda Motor 
US SEC Set to Reject Spot Ether ETFs in May Amid Regulatory Hurdles 
Boeing Experiences Quarterly Revenue Drop Amid Production Challenges, Beat Expectations 
Tesla Model 3 Performance Eligible for $7,500 Tax Credit, Launches at $53K 
Food prices will climb everywhere as temperatures rise due to climate change – new research 
Why Africa can be the beating heart of South Korea’s technology industry 
Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPI 
Extraordinary Vietnam fraud case exposes the inherent vulnerabilities of banks 
What if the Reserve Bank itself has been feeding inflation? An economist explains 
PUMA and Scuderia Ferrari HP Unveil Miami Limited Edition Collection 
EU enlargement: What does the future hold? 
Industrialisation is still vital to economic development but some countries are struggling to reap its benefits 
Why is the London Stock Exchange losing out to the US 
LATAM Airlines Abandons Plans to Acquire Boeing B737 Planes Amid Gol Bankruptcy 
Lotte Duty Free and China Duty Free Group (CDFG) have failed in their bids to secure a spot at Incheon Airport. They were not able to secure a license to set up their outlets at the facility while Hotel Shilla and Shinsegae Duty Free still remained as candidates for main operation at the said airport in South Korea.
It was reported that as Lotte Duty Free lost in its bid to operate at the Incheon International Airport, three other local companies were considered and officially shortlisted in the bidding. China’s largest duty-free company, the CDFG, also submitted its bid but did not make it to the list of candidates.
The three companies are now competing for the 10-year deal that will give the winner a license to operate at the popular airport. The lucky firms that were shortlisted are Hotel Shilla, Hyundai Department Store Duty Free, and Shinsegae.
According to Korea Joongang Daily, the three candidates have submitted multiple bids for a space within the five areas allotted for duty-free stores operated by large companies. The spaces are for cosmetics, perfume, accessories, luxury goods, fashion, and more.
All the duty-free firms seeking space at the Incheon airport presented their proposals last week. The airport said at the initial screening process that it would consider those with business capacity making up 60% of the evaluation score. The submitted bidding price will form the remaining 40%.
It was mentioned that the next round of screenings has been set for April, and it will be conducted by the Korea Customs Service. The agency will also be the one that will decide on the bidders' spots.
Meanwhile, The Korea Herald reported that business insiders opined that Lotte Duty Free’s failure to be shortlisted in the bidding process could be partly due to the partial withdrawal of its business at the Incheon Airport. It withdrew some of its stores in 2018 and only operated DF 3 after its successful bid for a spot in 2015.
